This is an email that I received this morning. Does anyone have any suggestions for my blog reader?
I’m just curious if your brokers/clients on both the sell and buy side have been encountering financing difficulties when trying to buy condos in associations with commercial interests. I’m currently trying to refinance my condo in the Back Bay but because a commercial unit has a 38% interest in the assocation, I essentially can’t find a lender willing to refinance. Freddie and Fannie Mae have policies against purchasing a loan in which the commercial space is greater than 20% interest in the condo association. Have you found any local lenders willing to supply financing in such situations? Is this a wide spread problem in Boston?